Filing Flows › Healthequity (HQY) › Q1 FY27 › vs Q4 FY26
Healthequity (HQY) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Healthequity's revenue rose $20.1M (+6%) from $335M in Q4 FY26 to $355M in Q1 FY27. The biggest changes: Custodial revenue +$12.9M (+8%); Interchange revenue +$11.3M (+24%); Service revenue −$4.1M (-3%). Gross margin 72.3% against 68.2% (+4.1 pts).
Healthequity, Q1 FY27: revenue $355M (+7% year over year), operating margin 29.0%, net earnings $69.4M, operating cash flow $97.5M. The chart draws each line against Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 72.3% | 68.2% | +4.1 pts |
| Operating margin | 29.0% | 21.2% | +7.8 pts |
| Net margin | 19.6% | 14.9% | +4.7 pts |
| Free cash flow margin | 27.4% | 35.1% | -7.7 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Custodial revenue | $174M | $161M | $12.9M | +8% |
| Service revenue | $123M | $127M | −$4.1M | -3% |
| Interchange revenue | $57.4M | $46.1M | $11.3M | +24% |
| Revenue | $355M | $335M | $20.1M | +6% |
| Gross profit | $256M | $228M | $28.2M | +12% |
| Cost of revenue | $98.3M | $106M | −$8.1M | -8% |
| Operating profit | $103M | $71.1M | $31.9M | +45% |
| Operating expenses | $153M | $157M | −$3.7M | -2% |
| Pre-tax earnings | $92.4M | $60.9M | $31.5M | +52% |
| Other expense, net | $10.5M | $10.2M | $368K | +4% |
| Research & development | $67.8M | $70.4M | −$2.6M | -4% |
| Sales & marketing | $26.8M | $24.9M | $1.9M | +8% |
| General & admin | $31.1M | $33.5M | −$2.4M | -7% |
| Other operating costs | $27.6M | $28.3M | −$644K | -2% |
| Net earnings | $69.4M | $49.7M | $19.7M | +40% |
| Income tax | $23.0M | $11.2M | $11.8M | +106% |
| Depreciation & amortization | $38.2M | $38.7M | −$468K | -1% |
| Share-based compensation | $19.4M | $19.1M | $289K | +2% |
| Working capital & other | $29.5M | −$10.4M | $39.9M | — |
| Operating cash flow | $97.5M | $118M | −$20.4M | -17% |
| Free cash flow (OCF − capex) | $97.2M | $118M | −$20.4M | -17% |
| Capital expenditures | $362K | $326K | $36K | +11% |
Questions
How much did Healthequity's revenue grow quarter over quarter in Q1 FY27?
Healthequity's revenue rose $20.1M (+6%) from $335M in Q4 FY26 to $355M in Q1 FY27.
What drove Healthequity's revenue change in Q1 FY27?
Custodial revenue +$12.9M (+8%); Interchange revenue +$11.3M (+24%); Service revenue −$4.1M (-3%).